{"id":14733,"date":"2016-11-08T08:15:15","date_gmt":"2016-11-08T14:15:15","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?p=14733"},"modified":"2020-04-22T14:30:56","modified_gmt":"2020-04-22T19:30:56","slug":"the-presidential-election-campaign-fund","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/filing\/the-presidential-election-campaign-fund\/","title":{"rendered":"What is the Presidential Election Campaign Fund?"},"content":{"rendered":"

If public funding is a large pumpkin pie, you have direct say over a tiny sliver.<\/p>\n

You might not even know it — but every year, on your Form 1040, you answer a question about a certain $3. You tell the government whether to fund presidential elections with your small piece of the pie.<\/p>\n

\u201cPresidential Election Campaign: Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund.\u201d<\/em><\/p>\n

You probably didn\u2019t read through the 100+ page\u00a0Form 1040 Instruction Booklet<\/a>\u00a0to find out about the fund. We don\u2019t blame you. Here are the answers to the most common questions about the fund:<\/p>\n

Why Does The Presidential Election Campaign Fund Exist?<\/h2>\n

In 1907, President Theodore Roosevelt\u2019s State of the Union address introduced the idea of banning private contributions and instead establishing a public financing system for federal elections.<\/p>\n

More than 60 years later, in 1971, Congress established the public fund to try to reduce candidates\u2019 dependence on large donors and even the financial playing field in the general election. Tax returns started proposing a $1 contribution, which increased to $3 in 1993.<\/p>\n

How Does This Work? Is This An Extra $3 of Taxes?<\/h2>\n

No. According to the\u00a0Form 1040<\/a>, checking either answer to the question \u201cwill not change your tax or refund.\u201d Instead, the IRS appropriates $3 for each tax return that shows a \u201cyes\u201d answer to the fund.<\/p>\n

There are some rules on the candidate side. Only candidates who receive broad national support can receive public funds. In order to qualify for matching funds, a candidate in the primary elections must first raise over $5,000 in each of 20 states (i.e., over $100,000), consisting of small contributions ($250 or less) from individuals. If candidates accept the funds, they must agree to several conditions, such as:<\/p>\n